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Brexit is the combination of two words denoting "British" and "Exist". It signifies the UK's decision to leave the European market. Several reasons are noted are there that resulted in supporting Brexit. Some of the reasons include sovereignty, anti-establishment populism, influence and role of politicians and decisions taken regarding demographic cultures. It is followed by a negative impact on EU business.
The UK has benefited from the decision of Brexit. Major benefits that it had gained are as follows: control of democracy, controlling their money transactions, freedom to regulate the country's business more proportionately and allowing a more agile way to work upon. After the Brexit Uk has taken the responsibility to restore the independence and sovereignty of the UK's status globally. Several rules and regulations are changed for serving people's priorities and democratic accountability. The prime achievements were taking control of borders and initiating free movement. The points-based immigration system has been introduced resulting in the immigration of skilled labourers from neighbouring countries (Sanabria-Díaz, 2021). Democratic control over lawmaking is also restored. The power of scrutinising and making the law has been applied. As an EU free movement, the UK has allowed the free movement of foreign criminals to the country.
After the withdrawal agreement, EU criminals are not given any protection by the UK. The UK government has fostered control over coastal areas and has brought new fisheries acts aiming to provide better opportunities to fishermen and other coastal communities such as Lerwick. It had also restored fair access to the welfare system to both the residential and immigrant populations. The global tariff regime has been reestablished such that it meets the demands of the UK economy. Administrative burdens of business are reduced, unnecessary tariffs are scraped off and tariff-free trade is expanded. UK competition and markets authority are now being responsible for taking decisions with regard to significant acquisitions and mergers. With all such amendments, UK's business policy and policies with respect to foreign direct investment are in the process of getting developed (Wolff, 2022). The position of the UK in the international market has improved in a significant way and is establishing its position.
The transition period after the UK left the EU is over, it has been now concluded that the UK has left Custom Unions and EU Single Market. Therefore the laws of the EU no longer apply to the UK. It can be further stated that the relationship between the UK and EU has been significant and is respecting other nations' rules. Necessary rules and regulations are implemented taking into consideration countries' safety and other related issues. New Rules and regulations are implemented on travelers of both EU and UK while travelling to or from any of the countries. The facilities of both the countries can be accessed in other countries along with respective documents. The rules of travelling with pets, musical instruments, purchasing cosmetics are all revised and are in favour of the common people(?ak, 2020). The agreement after Brexit states that benefits regarding employment can be retained. Workers retiring in the UK will continue to have their pensions in the UK. In some cases such as mariners, civil servants, aircrews are not eligible to access the benefits mentioned in the law.
The exporting and importing of goods in both countries have changed. The amendment has been done considering trade markets and their profitability. Based on the origin of a product, VAT, excise rules, tariffs and quotas are implemented in the product. The post Brexit agreement between the UK and EU had improved their relationship by decreasing the administrative barriers faced by investors, business travellers and service suppliers. Streamline authorisation and business disruptions are also reduced. Barriers such as economic need tests cannot be introduced as per ensure by the agreement. The intellectual property rights of the EU no longer apply to the UK. In order to ensure protection registration in individual countries is required for patents or trademarks. The relationship between Northern Ireland and Great Britain has also improved concerning the transfer of goods. (Lynch, 2020) Considering all these factors the relationship has not deteriorated and both countries have been implementing ways that will be beneficial for either country. The rules and regulations are concerning the fact that it remains fair for both countries.
The UK has set the goal to maximise the country's economy through strategic diversion from the EU rules and regulations. Though it has diverged from legislation that is being implemented by the EU, some of the legislation is still being retained. The UK has the power to change such legislation for the betterment of the country and common people. The UK has adopted a more efficient and holistic approach such that the regulation being scrutinised aligns with the interest of the UK people. The UK economy has undermined the net zero-emission policy which is impacting the regulation of business, innovation and barriers to international trade. Getting detached from the EU has opened several opportunities that will lead to changing sectors having a competitive advantage, unleashing investment and driving economic growth. The government has been taking initiatives to change all EU regulations (Freedman, 2022). Policies related to trade union consumer groups and agriculture have been changed significantly.
Public procurement rules have been changed and simplified so that the public sector can import more local goods. VAT rate implemented on tampons and sanitary products is removed. Alcohol duties previously allocated are made simpler for extending and enhancing the alcohol industry. Greater domestic tourism is enhanced by reducing passenger duty. It will have a positive impact on monetary policies and economic benefits for the country. Bureaucratic agricultural policy has been reframed so that it allows farmers to take necessary action on protecting the environment and increasing animal welfare. Financial service regulations are also reformed the aim to fulfil the financial sector with more technologically advanced approaches. Solvency II rules are reformed ensuring the safety of insurers and protecting the rights of policyholders (Cygan, 2020). Laws of the EU related to the capital market regime are analysed not be suitable for an international market. Therefore it has been deviated from delivering a fair framework opened to competitiveness in capital markets and maintaining regulatory standards.
The decision making and policy of Europe are related to several integration policies. One such policy is regional integration theory. The theory covers several aspects such as neo-functionalism, post functionalism and intergovernmentalism. The concept of intergovernmentalism states that the government is the supreme power for regional integration. The Neofunctionalism aspect deals with controlling the integration process. Interest groups, transnational cooperation are empowered through the integration process and by developing personal interests. Postfoundationalism has challenged the debate based on regional integration. These aspects generally cover the area of establishment and supranational policies (Burns, 2019). The application of theories in European integration states that these are more complementary despite being competing.
The theory of functionalism has been the prominent theory of integration.it states that in case serious issues lead to market failures that cannot be successfully solved or addressed by a single nation, then supranational organisations should take part to address it. In such cases states have to transfer sovereign power to international organisations. The theory of neo-functionalism has been reported with several limitations. It has been noted that the theory of neo-functionalism is too vague, ambiguous and incoherent in generating precise predictions for suitable empirical evaluation. The two theories of integration have been a failure. Post functionalism theory has been integrated after this according to the theory; integration can be defined as the conflictual process resulting from an incompatible belief system (european-union.europa.eu, 2012). Reconstruing jurisdiction is the form of development of a nation-state.
The literature gap that has been identified in the study is the reason behind the approval of the Brexit movement. Several reasons here that led to the Brexit decision. In this literature, the reason is not being mentioned. Further study can be conducted based on analysing the reason for Brexit. Some of the reasons ae mentioned below the first argument that has been given is the threat to British sovereignty by the EU. A Series of treaties were made that shifted the power from member states to EU bureaucracy. The UK has been burdened with several kinds of regulations. It has been informed that the EU was generally entrenching corporate interests rather than preventing radical reforms (Wolff, 2020). The anti-democratic structure of the EU has given much power to corporate elites and has prevented the British market from gaining profits. The EU has allowed immigrants.
It can be concluded from the literature review that several changes have been noted in the policy of business in the UK and EU after the Brexit movement. The literature focuses on the deviations of business strategies of the UK from the EU legislation. The UK is highly benefited from this as well as developed international relationship policies so that both the countries are benefited.
Journal
Armb, K.A., 2018. Regulatory alignment and divergence after Brexit. Journal of European Public Policy, 25(8), pp.1099-1117.
Barbier-Gauchard, A., Dai, M., Mainguy, C., Saadaoui, J., Sidiropoulos, M., Terraz, I. and Trabelsi, J., 2021. Towards a more resilient European Union after the COVID-19 crisis. Eurasian Economic Review, 11(2), pp.321-348.
Bennett, A. and Vines, D., 2022. The EU–UK Trade and Cooperation Agreement: Lessons Learnt. Oxford Review of Economic Policy, 38(1), pp.68-81.
Burns, C., Gravey, V., Jordan, A. and Zito, A., 2019. De-Europeanising or disengaging? EU environmental policy and Brexit. Environmental Politics, 28(2), pp.271-292.
Cygan, A., Lynch, P. and Whitaker, R., 2020. UK Parliamentary Scrutiny of the EU Political and Legal Space after Brexit. JCMS: Journal of Common Market Studies, 58(6), pp.1605-1620.
Freedman, J. and Loutzenhiser, G., 2022. Tax policy in the UK post-Brexit. Oxford Review of Economic Policy, 38(1), pp.188-204.
Lynch, P., Cygan, A. and Whitaker, R., 2020. UK Parliamentary Scrutiny of the EU Political and Legal Space after Brexit.
Sanabria-Díaz, J.M., Aguiar-Quintana, T. and Araujo-Cabrera, Y., 2021. Public strategies to rescue the hospitality industry following the impact of COVID-19: A case study of the European Union. International Journal of Hospitality Management, 97, p.102988.
Wolff, S. and Ladi, S., 2020. European Union responses to the Covid-19 pandemic: Adaptability in times of permanent emergency. Journal of European Integration, 42(8), pp.1025-1040.
?ak, M. and Garncarz, J., 2020. Economic policy towards the challenges of the COVID-19 pandemic in selected European Union countries. International Entrepreneurship Review, 6(4), pp.21-34.
Website
european-union.europa.eu, 2012. European Union gateway. Available at: https://european-union.europa.eu [Accessed on 30/3/2022]
gov.uk, 2012. Welcome to GOV.UK. Available at: https://www.gov.uk [Accessed on 30/3/2022]
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